BPM Minerals has divested its Rhodes zinc-lead-iron-manganese project in WA to Lodestar Minerals (ASX:LSR) for a tidy $100,000 (cash and shares) plus a 1% net smelter royalty.

Lodestar is an active explorer on the northern margin of the Earaheedy Basin who is actively consolidating tenure in the area.

The transaction comprises $25,000 cash and $75,000 of fully paid ordinary shares in Lodestar at an issue price of $0.005 (15,000,000 shares).

Notably, Lodestar also maintains a 20% stake (80% Future Battery Minerals (ASX:FBM)) in the Kangaroo Hills lithium project where significant spodumene bearing pegmatites have recently been discovered, and as part of the transaction, the share consideration received from Lodestar will give BPM Minerals (ASX:BPM) shareholders exposure to both of these projects.

Funding future exploration at Santy

The company plans to use the funds from the sale to underpin exploration at its core projects.

At the Santy gold project near Geraldton, BPM is planning an electromagnetic survey to further analyse two conductive zones discovered after completing an IP survey at the IZ5 prospect.

Gold and polymetallic mineralisation identified at IZ5 during previous drilling intersected 1m at 0.89g/t gold, 90.3ppm silver, 2.03% copper and 0.19% lead and zinc from a downhole depth of 66m.

The company expects the EM survey to define the conductive zones in 3D which can then be targeted and tested by drilling later in the year.

 

 

 

This article was developed in collaboration with BPM Minerals Limited, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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